WHAT IS A WILL?
A Will is a legal document contained within your Estate planning, that is prepared for the purpose of setting out how you would like your Estate distributed following your passing. It is a relatively simple document to have prepared, particularly by estate planning lawyers such as Brydens Lawyers, as part of your comprehensive estate plan. The most common estate planning Wills prepared are for a husband and wife which provides for all assets to be passed from one spouse to the other and then to children on the passing of both spouses. Alternatively, a Will can be a very complicated document if dealing with a family trust, self managed superannuation funds and the like.
WHEN SHOULD I UPDATE MY WILL?
You are not required to update your Will; however, if there is a major life change, then it is time to update your Will. These life changes can include:
A marriage or divorce
The birth or death of a child
A major change in your financial arrangements
You should also review your Will every three to five years to ensure that it continues to align with your wishes. Contact an expert estate lawyer at Brydens Lawyers online or call 1800 848 848 for a consultation so that your estate administration is handled precisely and a review of your Will can be undertaken to ensure that it continues to accord with your expectations and wishes.
WHAT SHOULD YOU INCLUDE IN YOUR WILL?
Matters to consider when preparing a Will is the appointment of an Executor. This is the person who is charged with the responsibility of distrubuting and administering the estate and the Will. In addition, if there are infant children, consideration will also need to be given to the appointment of a Guardian. There should also be consideration given to the beneficiaries of your Estate. Ordinarily, this would include family members, friends or organisations and charities that you may have an affiliation with or wish to benefit.
WHY IS MAKING A WILL IMPORTANT?
A Will is a document, preferably drawn up by a solicitor, that sets out the manner in which you would like your Estate distributed following your passing. In the absence of a Will, difficulties can arise as to the distribution of the Estate, particularly where there are competing interests of potential beneficiaries.
There are a number of considerations which must be complied with in order for a Will to be valid. One of which includes ensuring that the maker of the Will, that is the Testator, has the legal capacity to do so.
The appointment of an Executor will be required in preparing a Will. This is the person who will stand in the place of the Testator and is responsible for administering the Estate so that the assets are distributed in accordance with the terms of the Will.
In the event that a person passes with no valid Will, then the laws of intestacy will apply. This means that the assets of the deceased are distributed in a way that the deceased may not have wanted.
WHY SHOULD YOU ENGAGE BRYDENS LAWYERS TO PREPARE YOUR WILL?
Brydens Lawyers are experts in Estate law and provide comprehensive advice in relation to the drafting of your Will at a reasonable cost to you. Our professional team of lawyers are available to assist you with the financial and legal decisions that arise from preparing a Will, as well as taking into account your individual circumstances. If you have created your own Will by utilising a “do it yourself” Wills preparation kit, our lawyers can assist you with ensuring that the Will is legally valid and satisfies all the legal requirements it needs to.
Brydens Lawyers are knowledgeable in all Will and Estate matters. Whether it be the preparation of a simple or complicated Will or alternatively, seeking advice in connection with a claim against an Estate if you have been left out of a Will, contact the estate lawyers at Brydens Lawyers without delay on 1800 848 848 or arrange an appointment online. Brydens Lawyers is recognised as experts in all Wills and Estate matters. Contact Brydens Lawyers today for the expert legal advice and representation that you may need.
WHEN SHOULD YOU MAKE A WILL?
A Will should be considered by anyone who owns an asset or property, whether that be real estate or personal property. A Will should be made without delay given unforeseen circumstances that may arise in anyone’s lifetime. It is imperative that the Will is prepared whilst the individual remains of sound mind and has the testamentary capacity to make a Will.
WHAT ARE THE DIFFERENT TYPES OF WILLS?
A Will, as it is generally understood, is a legal document prepared for the purpose of setting out the manner in which you would like your Estate distributed upon your passing. In the absence of a Will, difficulties can arise as to the distribution of the Estate—particularly where there are competing interests of potential beneficiaries.
A Will is a relatively simple document to have prepared. It will set out in detail the way you want your Estate distributed after your death. The most common Wills are prepared for a husband and wife which provides for all assets to be passed from one spouse to the other and then to the children on the passing of both spouses. Alternatively, a Will can be a very complicated document if dealing with family businesses a testementary trust.
A mutual Will is an agreement, evidenced in writing, between two persons, usually husband and wife, where each agrees to make a mutual or reciprocal Will. The agreement invariably provides that neither party will revoke or change their Will without the permission of the other.
It is a fundamental principle that a person may revoke his or her Will at any time. However, mutual Wills, by virtue of the agreement reached, will resolve a person’s concern about protecting their children’s inheritance in the event they die before their spouse by preventing the surviving spouse from altering the terms of their Will.
A common fear held by a person can be that if they do pass and leave their assets to their spouse, that their spouse will remarry and thereafter make a new Will which may nominate his or her new partner as a beneficiary, and thereby diminish the Estate for the benefit of the children. It is in situations such as these that a mutual Will can help protect the interests of the intended beneficiaries.
